N.Z. refinances overseas debt
PA Wellington The Minister of Finance, Mr Douglas, yesterday announced moves to refinance more of New Zealand’s overseas debt, to minimise costs and currency risks. The Government would repay a number of old loans over the next three months, he said. New loans are being negotiated to minimise the cost of servicing this debt and reduce the risks
associated with holding too much debt in particular currencies. The main overseas repayments due during the next few months include loans of 35 billion yen, 350 million Deutschmarks, 200 million Swiss francs and SUS3SO million. Mr Douglas said United States dollar interest rates
were at their lowest for a number of years. After its 25-year fixedrate United States dollar and Eurodollar Floating Rate Note issues New Zealand would raise more American dollar debt to refinance the debt being retired. The first tranche of the United States dollar debt would be issued to a value of SUSIOO million under a note issuance facility put in place in 1984, Mr Douglas said.
The facility, which at present allowed for up to SUSI.S billion to be raised, had not been used before. Mr Douglas said the notes were issued through a Citicorp facility by way of a 40-member tender panel which allowed very competitive interest rates to be achieved.
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Press, 30 January 1986, Page 7
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218N.Z. refinances overseas debt Press, 30 January 1986, Page 7
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